Ally Bank Rejected Me and I’m a Little Confused

For those who read Part I of this saga (What Happened When I Tried to Open an Ally Bank Savings Account), I bring you the next installment. And no, this quest isn’t over!

Rejected - Ally Savings Large copyA few weeks ago, I attempted to ditch my current savings account and switch to an Ally Bank savings account. My current bank offers 0.20 percent on savings accounts with $10,000 or more. While this is still 0.10 percent more than many other banks offer, I wanted my $10,000+ emergency fund to be living up to its full potential.

Ally Bank currently offers 0.90 percent on their savings account. This isn’t the highest in the market right now. GE Capital Bank and Synchrony Bank are both offering 0.95 percent on their savings accounts.

That 0.05 percent could be a $10 difference (or higher) over the course of two years. However, I’ve heard wonderful things about Ally and their customer service, which was enough to compel me to pick them, and lose $5 a year.

Unfortunately, when I tried to open my Ally Bank savings account I got a screen prompting me to call Ally’s 24/7 customer service line.

As I wrote in my last piece, the polite customer service representative informed me that sometimes they need a bit more information to confirm a person’s identity. She couldn’t complete the process on the call and instead I needed to wait two to seven business days for either a phone call or a letter in the mail.

About five days letter the news came in the mail: REJECTED.

Read on to find out why and what’s next over at

Posted in MagnifyMoney Tagged with: ,
12 comments on “Ally Bank Rejected Me and I’m a Little Confused
  1. That sucks. I’d be confused too and I would have hoped that they could provide a better explanation. I didn’t change my address on my driver’s license when I applied for the account either and I was approved…though my address was still in the same general area, not out of state.
    Andrew@LivingRichCheaply recently posted…Embracing MinimalismMy Profile

  2. Bummer. What could be the reason for the rejection? Keep us updated!
    How To Save Money recently posted…Saving Money on a WeddingMy Profile

  3. I hate when they “don’t have enough information” to confirm identity. So annoying!
    Kayla @ Red Debted Stepchild recently posted…5 Tips to Lower Bills Before the HolidaysMy Profile

  4. Myles Money says:

    So much for great customer service!
    Myles Money recently posted…RealVision – The Financial Revolution Will Be TelevisedMy Profile

  5. Nick says:

    You may want to try calling the customer service line again. I remember I had an issue when I first set up my Ally account as well. I’ve been with Ally for years now and have since had no issues with them.
    Nick recently posted…Focus On The Things You Can ControlMy Profile

  6. Amos says:

    I am not against them seeking to secure our accounts I hate ti too when I receive a response that they don’t have enough information.
    Amos recently posted…Optionshouse Review – Read Before You InvestMy Profile

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